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Net sales have declined for the last four quarters on a q/q basis but this trend could come to an end in Q1 2024. Utilisation ratios at Incap's factory in India are not yet optimal but the company is gradually increasing personnel, which suggests that the revenue decline could be reaching its trough. Incap has still guided for declining net sales in 2024, owing to an inventory destocking effect related to its biggest customer and tough comparisons versus H1 2023. Incap may not have complete visibility for 2024, however, making it hard to upgrade its guidance this early in the year. In any circumstance, we expect relative profitability to remain at a good level and that EBIT will move in the same direction as revenue growth. Ahead of the Q1 earnings announcement, we keep our fair value range of EUR 10.8-13.2 per share intact, based on the combination of a DCF analysis and peer group comparison. Marketing material commissioned by Incap.
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